FOX 29 Explores Bitcoin, A New Trending Form Of Currency - MyFox Philadelphia

There's been plenty of buzz lately about Bitcoin, a new digital currency. Proponents are using it as a new alternative currency that can pay for goods and services, just like conventional currencies. But there are also some disadvantages to this new crypto-currency. Check out the headlines: 'LIVING ON BITCOIN FOR A WEEK… AND I SURVIVED IT…" 'BITCOIN CLAMPDOWN'… 'JUDGE SAYS IT'S CURRENCY' "NEWLYWEDS WILL LIVE ON BITCOIN FOR THREE MONTHS…" These newlyweds are even chronicling their 90 days on you tube. Bitcoins are all the rage in the techie community and gaining popularity fast. But what is Bitcoin? Professor James Angel explains: "Bitcoins are a string of numbers…these numbers can be used to make payment." It's digital currency, existing only online. You get them by "mining," or solving complicated math questions and algorithms. Anthony Mongeluzo, president of Pro Computer...